Meeting Details
• Date and Time: August 14, 2023, for the AGM held on July 27, 2023, at 5:00 PM IST.
• Format: Conducted via video conferencing.
• Key Attendees:
• Chairperson: S. Venkatachalam
• MD & CEO: Chet Kamat
• Company Secretary: Onkarnath Banerjee
• Quorum: Confirmed by Company Secretary.
Financial Performance
• Revenue Growth: 9% for the fiscal year ending March 31, 2023.
• Net Profit: 18 billion rupees.
• Interim Dividend: Rs. 225 per share.
• Resilience: Highlighted during COVID-19 and global economic uncertainties.
Strategic Initiatives
• Cloud Capabilities: Advancing cloud services and AI/ML for operational efficiency.
• Customer Base Expansion: Growth across various financial sectors.
Shareholder Engagement
• Q&A Session: Shareholders posed questions and suggestions.
• Key Inquiries:
• AI usage and "persona driven" term.
• Concerns about negative net profit despite revenue growth.
• Gender representation on the Board.
• Viability of subsidiaries and handling of trade receivables.
• Request for more engaging annual report content.
Management Responses
• Chaitanya Kamat's Address:
• Grouped inquiries into themes: growth triggers, industry outlook, product gaps, and market challenges.
• Emphasized proactive responses to fintech competition and evolving consumer behavior.
• Discussed product innovations and customer retention strategies.
Financial Overview
• Operating Margin: 42% for FY23.
• Employee Compensation: 16% increase for employees, 9% for key managerial personnel.
• Attrition Rate: 12% for the latest quarter, down from 28% in FY22.
• Debt Status: Operates as a zero-debt entity.
Closing Remarks
• Acknowledgments from outgoing independent directors.
• Voting instructions provided to shareholders.
• Emphasis on tracking management analysis in annual reports for company progress.